“Delegate Tran Hoang Ngan Urges Immediate Submission of Emergency Financial Package to Address Storm and Flood Damage”

On October 29th, during the 10th session of the 15th National Assembly, Delegate Tran Hoang Ngan (Ho Chi Minh City delegation) expressed agreement with the economic highlights outlined in the government’s reports and the review by the National Assembly’s Economic and Financial Committee.

Delegate Tran Hoang Ngan praised the government’s strong resolve and decisive actions, as well as the efforts of central and local authorities. He also highlighted the trust, aspirations, and collective efforts of the people and businesses in overcoming challenges and achieving significant results.

During the 2021-2025 period, Vietnam achieved or surpassed 22 out of 26 key socio-economic targets, with nearly 2 targets met. Notably, all social and welfare goals were exceeded, and in 2024 and 2025, all 15 targets were met or surpassed.

Vietnam’s economy has demonstrated resilience against external shocks, maintaining one of the highest growth rates globally. The GDP for 2025 is projected to increase by over 8%, with an average growth rate of 6.3% from 2021 to 2025, surpassing the previous term’s 6.2%.

Significantly, the economy’s size expanded from $346 billion in 2020 to $510 billion in 2025, climbing five positions to rank 32nd globally. The per capita GDP for 2025 is estimated at approximately $5,000, 1.4 times higher than in 2020, placing Vietnam in the upper-middle-income group.

According to Tran Hoang Ngan, institutional and infrastructure improvements are evident, though challenges remain, as noted in the government’s report. These include environmental issues, traffic congestion, and urban flooding.

The delegate supported the 2026 target of achieving a GDP growth rate above 10%. While ambitious, he believes it is feasible given the government’s proposed measures and solutions.

“With proactive and long-term strategies, we can further accelerate and stabilize growth. To ensure rapid and sustainable economic development, we must leverage our international standing and effectively implement Resolution 59 of the Politburo on international integration,” stated Delegate Tran Hoang Ngan.

As an economic expert, he emphasized the need to prioritize development based on the nation’s potential, advantages, and geopolitical position. This includes boosting maritime and logistics sectors, enhancing exports, and maximizing opportunities from existing free trade agreements. He also stressed the importance of increasing the value-added content in Vietnam’s exports.

In addition to external markets, the delegate highlighted the potential of the domestic market, with over 100 million consumers, urging measures to stimulate consumption and effectively tap into this resource. He also advocated for leveraging tourism to attract international visitors.

Regarding Resolution 68 of the Politburo on private sector development and Resolution 198 of the National Assembly on special mechanisms for private enterprises, Delegate Tran Hoang Ngan noted delays in issuing decrees and circulars. These are crucial for private businesses and households to access land and production resources.

Addressing the National Assembly, he underscored the importance of environmental considerations in economic development. “Recent natural disasters, including storms and floods, have severely impacted many communities, causing significant damage and hardship,” he remarked. He urged the government to swiftly present an emergency financial package to the National Assembly, increasing budget deficits and allocations to support affected citizens and rebuild damaged infrastructure.

Concluding, Delegate Tran Hoang Ngan emphasized the need to persist with the three strategic breakthroughs, particularly focusing on institutional reforms in major cities and economic hubs.